What is Mix.Rent?
Mix.Rent is a recently developed vehicle-renting services platform that utilizes P2P (Peer-to-Peer) general consensus & smart-contract technology (Blockchain) for absolute agreement between vehicle owners and renters.
The project has a revolutionary new approach to solving the needs of the masses when it comes to the daily activity requirements for safe and reliable transportation.
It aims to achieve this goal by allowing participants from all over the world to rent and share their vehicles with one another, including ubiquitous conveyance units: cars, motorcycles, bicycles; including but not limited to luxury and high-end modes of transport; yachts, airplanes, helicopters, and more.
The aim of the venture is to allow for safe and secure transportation, creating accessibility for everyone, regardless of race, age, social status, or similar biases.
The Problems that Mix.Rent Intends to Resolve.
The current transportation rental industry faces a number of pressing issues:
· Monopoly in Markets
· Unavailability of Options
· Higher Rates for Users
· Higher Commissions for Intermediaries
The gravity of these issues can be understood by taking a brief look at how they affect the end-user, especially the ones who need to rent such vehicles in the first place, due to the lack of capital and the shortage of larger funds.
1. Monopoly in Larger Markets: The transportation industry, especially when it comes to meeting the needs of the everyday individual, is being ruled by a few choice entities that have taken over the larger share of the market in many modes of conveyance. For instance, Uber has its reach across multiple nations around the world, where its a monopoly in many such countries that not only decide its fares and commission rates, but also leave limited availabilities for vehicle owners and renters alike when it comes to availing the services. Whereas, the same is the case when it comes to local car rental services.
There is currently no global platform for vehicle sharing services. Uber, Lyft and their doppelgangers all provide the same “cab” services in different forms, but when it comes to one wanting to drive on their own, the local providers are the only options that users get to avail. These local providers who offer car and other vehicle rental services get to set their own terms, usually attributing to their years in the local region or the fleet that they sport. That leads the renter into a corner where they have no other option than to go through services such as Uber or go through local rentals — being the prime example of having to choose between hell and high water.
2. Unavailability of Options: While Uber faces competition in the U.S. and Canada in the form of Lyft, and in the Middle East in the region’s own localized versions of its app-renting solutions, all of these companies offer services at rates that are relatively higher than usual. However, since their services provide a level of comfort where other options are scarce or not up to par in terms of services, these companies remain flourishing despite this business model. The local car rental side provides the same story. Larger cities have more physical rental providers, but they all remain similar in terms of the overall level of mundane service with unrealistic expectations from the renters’ end, making the process of renting vehicles a highly daunting task.
3. Higher Rates for Users: This paucity of choices leads to the aforementioned higher rates that cannot be argued with by the users in almost all cases. The prices are set, sometimes being increased twofold or even threefold on the justification to meet the high demand in peak hours, which only adds to the unaffordability of these services. When it specifically comes to local vehicle car rental services, the users also have to provide huge deposits that remain unjustified and are often not returned in the manner that they expected due to unjust deductions or complete obliteration of funds; however, like the rental services from Uber and Lyft, they have to take the prices they are given without much argument.
4. Higher Commissions for Intermediaries: The higher rates do not begin or end with the fares for the renters, but those who rent and share their cars and services through these platforms also get to draw the shorter end of the stick. In vehicle rental services, these owners have to pay a large chunk of their earnings to the service itself, which often gets to be over 20%. However, due to the aforementioned reasons, this approach is rarely challenged due to a lack of other options.
Mix.Rent intends to resolve these problems effectively by addressing all these issues through its propitiously structured platform.
The Solutions that Mix.Rent Bring to the Table.
The platform has already been operational since 2017, with over 11,000 registered users and more than 7000 registered vehicles that participate in the platform’s vehicle sharing mechanism. It is currently operated in 4 countries, namely the United States, Canada, Mexico, and Russia.
Mix.Rent provides its services through its intricate setup yet easy-to-use system, which takes care of all the aspects ranging from security to its economic functionalities.
· Performance — The project provides an easy to use platform that lets users have a slew of options through different prices and a variety of vehicles, which are provided in a diverse setting due to the platform’s decentralized nature. It also provides several options for vehicle owners, where they can advocate the usage of their fleet over other providers, creating a competitive market that leads towards the creation of a fair marketplace.
On the technical side, it achieves these options through the Ethereum blockchain and leverages the platform’s smart-contract system to its full advantage, where it carries out rental agreements for users in a transparent manner. Mix.Rent’s Whitepaper does an efficient job of explaining the technicalities, which is something that sets it apart from other new projects that usually gloss over the details.
· Security — Mix.Rent uses the unparalleled security of the Ethereum blockchain that has only gotten better over the years. In terms of its functional security, the platform uses a well-defined structure to provide financial security to vehicle owners and renters alike, where it uses a detailed verification system before anyone is able to participate in the activities of sharing and renting vehicles.
The system also includes a fair security deposit that is secured through a smart contract, acting as an Escrow-like payment which provides financial security to owners, and the assurance to renters that their security deposit will be returned upon the completion/dissolution of their rental agreement.
· Governance — Mix.Rent’s governance is decentralized and automated. Core functions are all carried out through smart-contracts. This makes the platform easy to be analyzed in terms of promised functionalities, since all of the core mechanisms are pre-defined and the scales cannot be tipped in the favor of either entity from the owner or renter side on a case-to-case basis.
· Stability — Unlike the current vehicle sharing system where all regular vehicle rentals get a Yelp rating (that too subjected to whether they created an official page in the first place), the Mix.Rent platform intends to introduce a propitiously set rating system that will be providing fair and free analysis for the marketplace to keep operating in a reliable and credible manner for years to come.
·Token — The Mix.Rent platform will be using its own utility token by the name of MIX in order to fuel the operations on the platform and supplement the activities carried out by the users. However, it assures its users that the fees charged by the network will be far lower in comparison to the commissions and charges that vehicle rental and sharing services levy on their users.
The token will be utilized for the execution of smart-contracts, as well as carrying out the payment transactions on the network. This way, anyone who is interested in leveraging the platform’s services could purchase the MIX token from any of their desired exchanges that support the MIX token, and use the token to enjoy the preferential rates and pricing of Mix.Rent with the platform’s loyalty program — where users will be able to earn tokens for actions such as making referrals, writing reviews and taking part in contests.
The private-sale token event for Mix.Rent has already been completed (July 30, 2018). The token’s pre-ICO event is currently in-operation and is set to conclude on August 30, 2018.
From here, the ICO crowdsale will kick-off on August 30, 2018, and will continue either until September 30, 2018, or until the hardcap of $30 million is reached (whichever comes first).
At the time of writing, the token price during the ICO event is set to be pegged at $0.60 for 1 MIX, with a bonus of 10%.
The total number of MIX tokens is set to be 100 million. The distribution model has been provided below:
· 52%: Token Proliferation
- 25%: Reserve Fund
- 8%: Partners and Advisors
- 5%: Bounty
The ICO event will accept payments in the form of: Bitcoin, Ethereum, Monero and Ripple.
The project is based out of Ireland by the name of Mix Rent LP. Its team members include founder and CEO Tim Kravstov, who boasts more than 12 years of experience in the rental industry and has his own rental platform by the name of Multiprokat, which deals in over 9000 vehicles.
While Kravstov covers the business side of the project, the technical aspects are taken care of by Technical Advisor Young Choe, who is the co-founder, president and CEO of the R&D division at Pax Datatech, a blockchain firm. His efforts are supplemented by CTO Timur Malyshev, who sports half a decade of experience with institutions such as the McArrow Coding Group and the SUE IKT center.
In any new project, especially when it gets to be from the blockchain sector, its prowess can be judged by how effectively its deadlines are met. In Mix.Rent’s case, it seems to be moving at a swift pace to achieve its goal in a timely manner, which works as a positive aspect.
After going through the pertinent factors, it’s easy to see where the project stands at the moment out of a possible score of 10, divided across various factors.
- Somewhat similar to BeeToken — a decentralized platform for a marketplace that is otherwise monopolized by intermediaries (-0.5)
- Relatively unknown team (-0.5)
- Well defined roadmap (+2)
- Ability to meet deadlines (+2)
- Realistic hard cap leads towards the project advancing properly (+1)
- Well-written whitepaper and a clear objective to achieve what it wants (+3)
- The project has immense potential for growth as a decentralized provider of solutions that are required by almost everyone. Its relatively unknown team causes one to raise their brows, but if the project keeps growing at the same pace and keeps meeting its deadlines as it has been doing so far, then it can achieve its goal of being the first global vehicle rental platform.
- Mix.Rent gets a final score of 8.5/10.
- Type: Native — Utility
- Platform: Ethereum
- Crowdsale: Starting on August 30, 2018
- Price: $0.60 for the crowdsale
- Hard Cap: $30 million
- Payments Accepted: BTC, ETH, XMR and XRP